Property
Distribution
The Three
Most-Frequently Asked Questions About Property Distribution
- How Do Assets And Debts Get
Divided When People Get Divorced In New Jersey?
- What Are The Factors Used To
Determine What Is Equitable?
- Are There Any Assets Or
Debts That Are Excluded From Distribution?
1. How Do Assets
Get Divided When People Get Divorced In New Jersey?
New Jersey is an "equitable distribution
state." This means that in a divorce in New Jersey, any property that is acquired
during the marriage must be divided in an equitable manner. Equitable distribution does
not necessarily mean an equal division of the marital assets although, more often than
not, that is what happens.
2. What
Are The Factors Used To Determine What Is Equitable?
The New Jersey Legislature has identified fifteen
(15) specific factors:
- The duration of the marriage;
- The age and physical and emotional health of the
parties;
- The income or property brought to the marriage by
each party;
- The standard of living established during the
marriage;
- Any written agreement made by the parties before
or during the marriage concerning an arrangement of property distribution;
- The economic circumstances of each party at the
time the division of property becomes effective;
- The income and earning capacity of each party,
including educational background, training, employment skills, work experience, length of
absence from the job market, custodial responsibilities for children, and the time and
expense necessary to acquire sufficient education or training to enable the party to
become self-supporting at a standard of living reasonably comparable to that enjoyed
during the marriage;
- Each party’s contribution to the education,
training or earning power of the other;
- Each party’s contribution to the acquisition,
dissipation, preservation, depreciation or appreciation in the amount or value of the
marital property, as well as the contribution of a party as a homemaker;
- The tax consequences of the proposed distribution
to each party;
- The present value of the property;
- The need of a parent who has physical custody of a
child to own or occupy the marital residence and to use or own the household effects;
- The debts and liabilities of the parties;
- The need for creation, now or in the future, of a
trust fund to secure reasonably foreseeable medical or educational costs for a spouse or
children;
- The extent to which a party deferred achieving
his/her career goals.
The Legislature, however, expressly allows New
Jersey courts to consider any other factors which the court may deem relevant.
3. Are
There Any Categories Of Assets Which Are Excluded From Distribution?
Yes. Property acquired prior to the marriage,
property acquired during the marriage as gifts from third parties or by inheritance, or
property acquired after the filing of the divorce complaint from post-complaint efforts
are all excluded.
However, if exempt property is co-mingled with
marital property or is improved during the marriage, it may lose its exclusion.
To speak with a New Jersey Family Law Attorney,
call 973-455-1220. |
